Taxpayer

Saturday, Apr 20, 2024 | Last Update : 07:25 AM IST

Compounding in I-T parlance means that the taxman does not file a prosecution case against the offender or tax evader in the court in lieu of payment of due taxes and surcharges.

CBDT launches one-time facility for compounding of income tax offences

In order to avail the facility a taxpayer will have to file an application for compounding a tax offence before the competent authority.

12 Sep 2019 12:07 PM

Mody said the CBDT will obtain sources of income for all salaried employees from third parties. (Photo: ANI)

Govt working as an accountant for every taxpayer: CBDT Chairman

The CBDT Chairman said he is confident of achieving the Rs 13.35 lakh crore target for direct tax collections in 2019-20.

06 Jul 2019 5:16 PM

CBDT shall also make all efforts for ensuring timely provision of service needs of its officials

New CBDT boss asks I-T dept to maximise revenue collection, get more taxpayers

Tax department has been given a target in Union budget to collect Rs 11.5 lakh cr revenue under the direct taxes category.

28 Feb 2019 11:17 AM

The username and password can now be changed by the taxpayer.

GST payers can approach tax officer to change username, password

The e-mail and mobile number can be updated by the concerned jurisdictional tax authority of the taxpayer.

14 Jun 2018 2:23 PM

GST officers have pointed out the discrepancy and has asked taxpayers to claim the input credit or refund in the returns of the subsequent month.

Notice shot off to businesses for less IGST input credit claim

The analytics was conducted based on data between July to March - the first nine months of GST rollout.

08 Jun 2018 12:59 PM

The CBDT said it had received representations as to whether a taxpayer, who receives pension from his former employer, will also be eligible to claim this deduction.

Standard deduction allowed for pension

The standard deduction was discontinued from the assessment year 2006-07, but was re-introduced in 2018-19 Budget.

06 Apr 2018 5:00 AM

Any taxpayer who is in receipt of pension from his former employer shall be entitled to claim a deduction of Rs 40,000.

Central Board of Direct Taxes amends Section 16 of Income Tax Act

The pension received by a taxpayer from his former employer is taxable under the head 'Salaries'.

05 Apr 2018 2:37 PM

Finance Secretary Hasmukh Adhia. (Photo: File)

Unevenness in taxes paid by salaried class, business people: Adhia

For assessment year 2016-17, 1.89 crore salaried individuals have filed I-T returns and paid total tax of Rs 1.44 lakh crore.

05 Feb 2018 2:55 PM

GST embodies and heralds a radical alteration and enlargement in the understanding of the Indian economy. (Photo: PTI/Representational)

50 pc increase in indirect taxpayer base post GST: Economic Survey

GST collections in July was over Rs 95,000 crore, while in August figure was over Rs 91,000 crore.

29 Jan 2018 3:36 PM

There are over one crore registered taxpayers in Goods and Services Tax (GST) regime.

Businesses can now cancel registration on GSTN

Migrated businesses with turnover up to Rs 20 lakh who have not issued invoice can cancel their registration on portal.

25 Oct 2017 4:28 PM

The pilot project is being run in seven cities of Mumbai, Delhi, Chennai, Bengaluru, Ahmedabad, Kolkata and Hyderabad.

78 per cent rise in paperless I-T assessment; all-India roll out by year end

During the financial year 2015-16, a total of 1,014 cases were completed under the pilot project (e-assessment).

08 Sep 2017 5:17 PM

Arun Jaitley said 72.33 lakh businesses have migrated to GST Network. (Photo: PTI)

GST revenue at Rs 92,283 crore gets a bumper start

So far 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses.

30 Aug 2017 12:22 PM

Finance Minister Arun Jaitley. (Photo: PTI)

Need examples to deter benami deals: Arun Jaitley

Pressures are built using democratic polity in order to assert a non-existent right of not to pay taxes.

25 Jul 2017 12:01 PM

Minister of State for Finance Santosh Kumar Gangwar.

77.5 lakh traders registered under GSTN till July 18: Gangwar

Implementation of GST in itself is expected to have a positive impact on the overall growth of the economy.

21 Jul 2017 5:16 PM

There are over 4.5 lakh new taxpayers who have registered in the portal.

Taxpayers have to opt for GST composition scheme by July 21

Under composition scheme, traders, manufacturers and restaurants can pay tax at 1 per cent, 2 per cent and 5 per cent.

14 Jul 2017 6:38 PM

GSTN launches Offline Tool for taxpayers

The Offline Tool will be provided free of cost and taxpayers will be able to download it from the GST portal from last week of June.

10 Jun 2017 3:47 PM

I-T department said that Centralised Processing Centre (CPC) has already processed over 4.19 crore income tax returns (ITRs) and issued over 1.62 crore refunds during the period.

I-T claims 42 per cent higher refunds

There has also been 20 per cent increase in people filing their income-tax returns electronically.

14 Feb 2017 6:48 AM

As per I-T records, there are 3.65 crore individuals who filed income tax returns. (Photo: PTI)

Tax dept scans 1 cr accounts under 'Operation Clean Money'

Department has sent SMS and emails to 18 lakh people who have made suspicious deposits of Rs 5 lakh and above.

05 Feb 2017 11:07 AM

Prime Minister Narendra Modi. (Photo: PTI)

Modi favours higher taxes from market investors

The low contribution of taxes may be due to the structure of our tax laws.

24 Dec 2016 4:45 PM

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Shobhaa De

taxpayer